Dmg Bancshares Inc. To Acquire Liberty Bancorp
03/01/22, 1:02 AM
Industry
real estate
lending and investments
financial services
community and lifestyle
lending and investments
financial services
DMG Bancshares Inc. (“DMG”) and Liberty Bancorp (“Liberty”) (OTCPK: LIBC) jointly announced today, the signing of a definitive merger agreement under which DMG will acquire Liberty in an all-cash transaction with a base consideration of approximately $31.2 million, or $35.19 per Liberty share for all Liberty shareholders. In addition to the base consideration, cash consideration of up to approximately $2.9 million, or $3.31 per Liberty share, for all Liberty shareholders, may become payable to Liberty shareholders at or following the closing depending on the occurrence of certain events.
Company Info
Company info
DMG Bancshares, Inc. (DMG) is the parent company of California First National Bank (CalFirst), a full-service commercial bank supporting businesses and entrepreneurs with an expertise in commercial real estate. The bank operates out of its Irvine, CA office and provides service to the greater Orange County and Los Angeles County markets. DMG was capitalized in early 2021 with capital commitments of $170 million. The executive officers and majority of the staff are all alumni of and were instrumental in the success of Grandpoint Bank which operated in Los Angeles from 2010 until it was sold in 2018.